Section 15. Adjournment or stoppage of sale

15. Adjournment or stoppage of sale. —(1) The Tax Recovery Officer may, in his discretion, adjourn any sale hereunder to a specified day and hour; and the officer conducting any such sale may, in his discretion, adjourn the sale, recording his reasons for such adjournment: Provided that, where the sale is made in, or within the precincts of, the office of the Tax Recovery Officer, no such adjournment shall be made without the leave of the Tax Recovery Officer. (2) Where a sale of immovable property is adjourned under sub-rule (1) for a longer period than one calendar month, a fresh proclamation of sale under this Schedule shall be made unless the defaulter consents to waive it. (3) Every sale shall be stopped if, before the lot is knocked down, the arrears and costs (including the costs of the sale) are tendered to the officer conducting the sale, or proof is given to his satisfaction that the amount of such arrears and costs has been paid to the Tax Recovery Officer who ordered the sale. 15. Provisions relating to rules. —(1) In addition to any power conferred by this Part, the Board may make rules— (a) prescribing the statements and other information to be submitted along with an application for recognition; (b) limiting the contributions to a recognised provident fund by employees of a company who are shareholders in the company; 1[(bb) regulating the investment or deposit of the moneys of a recognised provident fund: Provided that no rule made under this clause shall require the investment of more than fifty per cent. of the moneys of such fund in Government securities as defined in section 2 of the Public Debt Act, 1944 (18 of 1944);] (c) providing for the assessment by way of penalty of any consideration received by an employee for an assignment of, or creation of a charge upon, his beneficial interest in a recognised provident fund; (d) determining the extent to and the manner in which exemption from payment of[2] [tax] may be granted in respect of contributions and interest credited to the individual accounts of employees in a provident fund from which recognition has been withdrawn; and (e) generally, to carry out the purposes of this Part and to secure such further control over the recognition of provident funds and the administration of recognised provident funds as it may deem requisite. (2) All rules made under this Part shall be subject to the provisions of section 296. 1. Ins. by Act 42 of 1970, s. 57 (w.e.f. 1-4-1971). 2. Subs. by Act 10 of 1965, s. 66, for "income-tax and super-tax" (w.e.f. 1-4-1965). PART B _________ APPROVED SUPERANNUATION FUNDS [ See sections 2(6), 10(13), 10(25) (iii), 36(1)(iv), 87(1)(e), 192(5),[1] [206]] (ha) in the case of a capital asset, being equity share or shares in a company allotted pursuant to demutualisation or corporatisation of a recognised stock exchange in India as referred to in clause (x iii ) of section 47, there shall be included the period for which the person was a member of the recognised stock exchange in India immediately prior to such demutualisation or corporatisation;] 1. Subs. by Act 20 of 1967, s. 4, for "clauses (i) to (iii)" (w.e.f. 1-4-1967). 2. Ins. by Act 13 of 2018, s. 3 (w.e.f. 1-4-2019). 3. Ins. by Act 20 of 1967, s. 4 (w.e.f. 1-4-1967). 4. Ins. by Act 32 of 1994, s. 3 (w.e.f. 1-4-1995). 5. Ins. by Act 22 of 1995, s. 3 (w.e.f. 1-4-1996). 6. Ins. by Act 27 of 1999, s. 3 (w.e.f. 1-4-2000). 7. Ins. by Act 32 of 2003, s. 3 (w.e.f. 1-4-2004). 1[(hb) in the case of a capital asset, being any specified security or sweat equity shares allotted or transferred, directly or indirectly, by the employer free of cost or at concessional rate to his employees (including former employee or employees), the period shall be reckoned from the date of allotment or transfer of such specified security or sweat equity shares;] 2[(hc) in the case of a capital asset, being a unit of a business trust, allotted pursuant to transfer of share or shares as referred to in clause (xvii) of section 47, there shall be included the period for which the share or shares were held by the assessee;] 3[(hd) in the case of a capital asset, being a unit or units, which becomes the property of the assessee in consideration of a transfer referred to in clause (xviii) of section 47, there shall be included the period for which the unit or units in the consolidating scheme of the mutual fund were held by the assessee; (he) in the case of a capital asset, being share or shares of a company, which is acquired by the non-resident assessee on redemption of Global Depository Receipts referred to in clause (b) of sub-section (1) of section 115AC held by such assessee, the period shall be reckoned from the date on which a request for such redemption was made;] 4[(hf) in the case of a capital asset, being equity shares in a company, which becomes the property of the assessee in consideration of a transfer referred to in clause (xb) of section 47, there shall be included the period for which the preference shares were held by the assessee;] 5[(hg) in the case of a capital asset, being a unit or units, which becomes the property of the assessee in consideration of a transfer referred to in clause (xix) of section 47, there shall be included the period for which the unit or units in the consolidating plan of a mutual fund scheme were held by the assessee;] (ii) In respect of capital assets other than those mentioned in clause (i), the period for which any capital asset is held by the assessee shall be determined subject to any ruleswhich the Board may make in this behalf. 6[ Explanation 2 .—For the purposes of this clause, the expression "security" shall have the meaning assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956).] 1[ Explanation 3 .—For the purposes of this clause, the expressions "specified security" and "sweat equity shares" shall have the meanings respectively assigned to them in the Explanation to clause (d) of sub-section (1) of section 115WB.] 1. Ins. by Act 22 of 2007, s. 3 (w.e.f. 1-4-2008). 2. Ins. by Act 25 of 2014, s. 3 (w.e.f. 1-10-2014). 3. Ins. by Act 20 of 2015, s. 3 (w.e.f. 1-4-2016). 4. Ins. by Act 7 of 2017, s. 3 (w.e.f. 1-4-2018). 5. Ins. by s. 3, ibid . (w.e.f. 1-4-2017). 6. Ins. by Act 32 of 1994, s. 3 (w.e.f. 1-4-1995). 1[ Explanation 4 .—For the purposes of this clause, the expression "equity oriented fund" shall have the meaning assigned to it in[2] [clause (a) of the Explanation to section 112A];] 3[(42B) "short-term capital gain" means capital gain arising from the transfer of a short-term capital asset;] 4[(42C) "slump sale" means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales. Explanation 1 .—For the purposes of this clause, "undertaking" shall have the meaning assigned to it in Explanation 1 to clause (19AA). Explanation 2 .—For the removal of doubts, it is hereby declared that the determination of the value of an asset or liability for the sole purpose of payment of stamp duty, registration fees or other similar taxes or fees shall not be regarded as assignment of values to individual assets or liabilities;] 5[(43) "tax" in relation to the assessment year commencing on the 1st day of April, 1965, and any subsequent assessment year means income-tax chargeable under the provisions of this Act, and in relation to any other assessment year income-tax and super-tax chargeable under the provisions of this Act prior to the aforesaid date[6] [and in relation to the assessment year commencing on the 1st day of April, 2006, and any subsequent assessment year includes the fringe benefit tax payable under section 115WA]; (43A) "tax credit certificate" means a tax credit certificate granted to any person in accordance with the provisions of Chapter XXII-B and any scheme made thereunder;] 7* * * * * 8[(44) "Tax Recovery Officer" means any Income-tax Officer who may be authorised by the 9[Principal Chief Commissioner or Chief Commissioner] or 10[Principal Commissioner or Commissioner], by general or special order in writing, to exercise the powers of a Tax Recovery Officer[11] [and also to exercise or perform such powers and functions which are conferred on, or assigned to, an Assessing Officer under this Act and which may be prescribed];] 1. Ins. by Act 25 of 2014, s. 3 (w.e.f. 1-4-2015). 2. Subs. by Act 13 of 2018, s. 3, for "the Explanation to clause (38) of section 10" (w.e.f. 1-4-2019). 3. Ins. by Act 11 of 1987, s. 3 (w.e.f. 1-4-1988). 4. Ins. by Act 27 of 1999, s. 3 (w.e.f. 1-4-2000). 5. Subs. by Act 10 of 1965, s. 4, for clause (43) (w.e.f. 1-4-1965). 6. Subs. by Act 18 of 2005, s. 3, for "the aforesaid date" (w.e.f. 1-4-2006). 7. Clause (43B) omitted by Act 4 of 1988, s. 3 (w.e.f. 1-4-1989). 8. Subs. by s. 3, ibid ., for clause (44) (w.e.f. 1-4-1989). 9. Subs. by Act 25 of 2014, s. 4, for "Chief Commissioner" (w.e.f. 1-6-2013). 10. Subs. by s. 4, ibid ., for "Commissioner" (w.e.f. 1-6-2013). 11. Ins. by Act 29 of 2006, s. 2 (w.e.f. 13-7-2006). (45) "total income" means the total amount of income referred to in section 5, computed in the manne r laid down in this Act; 1* * * * * 2[(47) "transfer", in relation to a capital asset, includes,— (i) the sale, exchange or relinquishme nt of the asset; or (ii) the extinguishment of any rights therein; or (iii) the compulsory acquisition thereof under any law; or (iv) in a case where the asset is converted by the owner thereof into, or is treated by him as, stock-in-trade of a business carried on by him, such conversion or treatment;][3] [or] 4[(iva) the maturity or redemption of a zero coupon bond; or] 3 [(v) any transaction involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882 (4 of 1882); or (vi) any transaction (whether by way of becoming a member of, or acquiring shares in, a co-operative society, company or other association of persons or by way of any agreement or any arrangement or in any other manner whatsoever) which has the effect of transferring, or enabling the enjoyment of, any immovable property. 5 [ Explanation 1 ].—For the purposes of sub-clauses (v) and (vi), "immovable property" shall have the same meaning as in clause (d) of section 269UA.] 6[ Explanation 2 .—For the removal of doubts, it is hereby clarified that "transfer" includes and shall be deemed to have always included disposing of or parting with an asset or any interest therein, or creating any interest in any asset in any manner whatsoever, directly or indirectly, absolutely or conditionally, voluntarily or involuntarily, by way of an agreement (whether entered into in India or outside India) or otherwise, notwithstanding that such transfer of rights has been characterised as being effected or dependent upon or flowing from the transfer of a share or shares of a company registered or incorporated outside India;] 7[(48) "zero coupon bond" means a bond— (a) issued by any infrastructure capital company or infrastructure capital fund or public sector company[8] [or scheduled bank] on or after the 1st day of June, 2005; (b) in respect of which no payment and benefit is received or receivable before maturity or redemption from infrastructure capital company or infrastructure capital fund or public sector company[8] [or scheduled bank]; and (c) which the Central Government may, by notification in the Official Gazette, specify in this behalf. 1. Clause (46) omitted by Act 10 of 1965, s. 4 (w.e.f. 1-4-1965). 2. Subs. by Act 67 of 1984, s. 2, for clause (47) (w.e.f. 1-4-1985). 3. Ins. by Act 11 of 1987, s. 3 (w.e.f. 1-4-1988). 4. Ins. by Act 18 of 2005, s. 3 (w.e.f. 1-4-2006).